Will our solicitor be making enquiries about flooding during the conveyancing in Soham.
The risk of flooding is if increasing concern for conveyancers dealing with homes in Soham. Some people will acquire a house in Soham, fully expectant that at some time, it may be flooded. However, aside from the physical destruction, where a house is at risk of flooding, it may be difficult to obtain a mortgage, suitable insurance cover, or sell the property. Steps can be carried out during the course of a property purchase to forewarn the buyer.
Solicitors are not best placed to give advice on flood risk, but there are a numerous searches that may be initiated by the purchaser or by their solicitors which will give them a better understanding of the risks in Soham. The standard information supplied to a buyer’s solicitor (where the Conveyancing Protocol is adopted) incorporates a standard question of the seller to discover if the premises has suffered from flooding. If flooding has previously occurred which is not revealed by the owner, then a buyer could commence a claim for damages as a result of such an incorrect response. A purchaser’s solicitors may also carry out an environmental report. This should disclose whether there is a recorded flood risk. If so, more detailed inquiries should be made.
How does conveyancing in Soham differ for new build properties?
Most buyers of new build property in Soham approach us having been asked by the developer to sign contracts and commit to the purchase even before the premises is built. This is because house builders in Soham tend to acquire the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are used to new build conveyancing in Soham or who has acted in the same development.
I decided to have a survey completed on a house in Soham prior to retaining conveyancers. I have been informed that there is a flying freehold element to the property. Our surveyor advised that some lenders will not issue a mortgage on this type of premises.
It depends who your proposed lender is. Lloyds has different requirements for example to Birmingham Midshires. If you contact us we can check with the appropriate mortgage company. If you lender is happy to lend one our lawyers can assist as they are accustomed to dealing with flying freeholds in Soham. Conveyancing may be slightly more expensive based on your lender's requirements.
What does commercial conveyancing in Soham cover?
Commercial conveyancing in Soham incorporates a wide range of advice, provided by regulated solicitors, relating to business premises. By way of example, this type of conveyancing can cover the sale or purchase of freehold business premises or, more commonly, the assignment of existing business tenancies or the drafting of new leasing arrangements. Commercial conveyancing solicitors can also offer advice on the sale of business assets, commercial mortgages and the termination of leases.
Do you have any top tips for leasehold conveyancing in Soham from the perspective of speeding up the sale process?
- Much of the delay in leasehold conveyancing in Soham can be bypassed where you appoint lawyers as soon as your agents start advertising the property and ask them to put together the leasehold information which will be required by the buyers’ conveyancers. Many freeholders or managing agents in Soham levy fees for supplying management packs for a leasehold home. You or your lawyers should find out the actual amount of the charges. The management pack sought on or before finding a buyer, thus accelerating the process. The average time it takes to receive management information is three weeks. It is the most frequent reason for frustration in leasehold conveyancing in Soham. A minority of Soham leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, you should notify your estate agents to make sure that the purchasers put in hand bank and professional references. The bank reference will need to confirm that the buyers are able to meet the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the actual amount of the service charge so that they can pass this information on to the purchasers or their solicitors. In the event that you altered the property did you need the Landlord’s approval? In particular have you laid down wooden flooring? Most leases in Soham state that internal structural changes or laying down wooden flooring calls for a licence from the Landlord acquiescing to such works. Should you dont have the approvals in place you should not contact the landlord without checking with your conveyancer first.
Soham Conveyancing for Leasehold Flats - Examples of Queries Prior to Purchasing
If a Soham lease has no more than eighty years it will have adverse implications on the value of the flat. It is worth checking with your bank that they are willing to lend given the lease term. A short lease means that you will most likely need a lease extension sooner rather than later and you need to have some idea of how much this will be. For most Sohamlease extensions you will need to own the premises for 24 months before you are legally able to carry out a lease extension. What restrictions are there in the Soham Lease?